Canada: Toronto Stock Exchange proposes governance amendments for listed issuers

The Toronto Stock Exchange has published for consultation proposed changes to Part IV ("Maintaining a Listing - General Requirements") of its Company Manual: see here. The proposed amendments would require, amongst other things, issuers listed on the Exchange to elect directors individually and on an annual basis. The Exchange is also proposing greater disclosure with regard to the manner in which directors are elected: issuers will be required to disclose whether directors are elected through majority voting. Where majority voting is not adopted, disclosure of the practice adopted will be required together with an explanation of why majority voting has not been adopted.